Wednesday's Winners & Losers: Dendreon
Dendreon (DNDN) said that the FDA agreed to let it hasten clinical testing for its prostate cancer vaccine, Provenge. Dendreon still now expects final results from the trial in the second half of 2009 instead of 2010.
Shares jumped 46 cents, or 9.3%, to $5.39.
The company is facing a decline in its market share and a "downward spiral" in one of its key product lines representing 10% to 15% of total revenue.Boston Beer (SAM), which makes beer in the Bay State's capital, climbed 26% to $45.16 after reporting fourth-quarter earnings shortly before the close Tuesday. Excluding items, the Samuel Adams brewer's earnings improved to $6.8 million, or 46 cents a share, from $2.5 million, or 17 cents a share, in the year-ago quarter. Analysts polled by Thomson Financial were expecting 35 cents a share. Shares of hardwood flooring vendor Lumber Liquidators (LL) also jumped, 15.5% to $8.81. The Toano, Va.-based company announced a year-over-year fourth-quarter profit increase of 71% to 12 cents a share, beating the consensus estimate by 2 cents. Revenue increased 24% year over year to $105.5 million. Lumber Liquidators also guided in line for 2008, forecasting EPS between 70 cents and 78 cents and revenue of $475 million to $490 million. Shares of GPS-based navigation devices maker Garmin (GRMN) added $2.59, or 4.6%, to $58.82 after a favorable article in Barron's Web site said the company's continued strong execution and its position as the market leader in the U.S. will work in its favor. Elsewhere, Third Wave Technologies (TWTI) surged after the company said its test for high-risk HPV and an HPV genotyping test were successful in a clinical trial. Used with a Pap test, the company's HPV test checks for 14 strains of HPV. The genotyping product checks for HPV types 16 and 18, which cause 70% of cervical cancer cases. The company, which said it would submit the results to the FDA in April, saw its shares soar $1.95, or 31.5%, to $9.34.
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